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Fly News Breaks for January 7, 2020
TKR
Jan 7, 2020 | 05:49 EDT
BofA analyst Ross Gilardi double upgraded Timken to Buy from Underperform with a $68 price target. The company at its December 12 analyst day offered a "pretty compelling case" for multiple expansion, Gilardi tells investors in a research note. In addition, Timken's 2020 earnings outlook came in better than expected, the analyst adds. After raising his 2020 and 2021 earnings forecasts by 10%-18%, the analyst sees potential upside to $68 per share. Timken closed Monday down 9c to $56.72.